NEW YORK, March 12, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Gannett Co., Inc. ("Gannett" or the "Company") (NYSE: GCI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Gannett and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 25, 2021, Gannett issued a press release announcing the Company's fourth quarter and full year financial results. Among other results, the Company reported a net loss of $670.5 million, which "reflects a second quarter non-cash write-down related to the second quarter 2020 impairment of goodwill and intangible assets of $393.4 million, as well as a $74.3 million non-cash loss on the derivative associated with our convertible debt and a $43.8 million loss associated with the early extinguishment of debt."
On this news, Gannett's stock price fell $0.79 per share, or 14.08%, to close at $4.82 per share on February 25, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP